10 Jun 2015
Gold spikes to highs near $1184
FXStreet (Mumbai) - Gold prices on Comex snapped losses from Asia and climbed higher during the European morning, extending its 3-day rally, largely driven by US dollar weakness across the board backed by USD/JPY sell-off.
Gold rises from 1176.20 levels
Currently, gold trades 0.56% higher at fresh session highs of 1184.30. Gold rebounded this session as Asian equities fell on stronger yen fuelled by BOJ Kuroda’s FX comments, boosting gold’s appeal as an alternative higher yielding asset.
Moreover, the US dollar index weakened across the board, making the yellow metal cheaper for holders in other currencies. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.49% lower at fresh session lows of 94.67.
Financial markets are now waiting for the next major US economic release on Thursday - retail sales for May, which will help shape up further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1186 and 1190 levels. Meanwhile, support stands at 1174 below which doors could open for 1170 levels.
Gold rises from 1176.20 levels
Currently, gold trades 0.56% higher at fresh session highs of 1184.30. Gold rebounded this session as Asian equities fell on stronger yen fuelled by BOJ Kuroda’s FX comments, boosting gold’s appeal as an alternative higher yielding asset.
Moreover, the US dollar index weakened across the board, making the yellow metal cheaper for holders in other currencies. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades -0.49% lower at fresh session lows of 94.67.
Financial markets are now waiting for the next major US economic release on Thursday - retail sales for May, which will help shape up further USD moves.
Gold Technical Levels
The metal has an immediate resistance at 1186 and 1190 levels. Meanwhile, support stands at 1174 below which doors could open for 1170 levels.